The Acquisition Integration Process: A Contingent Framework

Abstract

This chapter reports the findings of a study into how acquisitions create value. It draws a distinction between acquisitions primarily driven by value transfer considerations, such as the purchase of undervalued assets or tax benefits, and acquisitions motivated by value creation . Only the latter are examined. Value creation is seen to result from the successful transfer of strategic capabilities (Lenz 1980) between both firms, where the purpose is to augment the competitive advantage of one or both firms (Jemison 1986a and b). The study also distinguishes between corporate and business-level acquisitions, and focuses on the latter. Although the initiation of this type of acquisition may originate at the corporate level, the intent is to contribute to a business-level development strategy. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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